Copenhagen Infrastructure Partners and Norfund have entered a new partnership on Mulilo after the Norwegian investment fund committed USD75 million to the South African developer.
Norfund’s investment gives it a minority ownership position in Mulilo and provides new capital while CIP’s New Markets Fund I remains a key shareholder.
CIP said the partnership secures additional funding to support Mulilo’s significantly expanded project pipeline.
Mulilo has a 5.5GW near-term pipeline that is expected to reach financial close before the end of 2027.
The company currently has 765MW under construction and plans to add a further 1GW to its construction portfolio in 2026.
Mulilo’s wind, solar and battery storage projects are expected to avoid about 11 million tonnes of CO₂ annually, power around 14 million South African households and support local communities through education, healthcare and business development initiatives.
Robert Helms, partner in CIP, said: “We are very pleased to welcome Norfund as a strategic minority investor in Mulilo.”
Helms added: “This partnership is a testament to the strength and potential of Mulilo, and the progress achieved.”
Helms said: “Norfund’s investment not only provides valuable growth capital but also brings a highly reputable, government-backed partner with deep experience in the South African energy sector.”
He added: “Together, we will continue to accelerate the energy transition, support local communities, and deliver strong value for our investors.”
Tellef Thorleifsson, CEO of Norfund, said: “Norfund is proud to join forces with Copenhagen Infrastructure Partners and Mulilo’s founders and local partners in this landmark investment that will accelerate the deployment of renewable energy across South Africa.”
Thorleifsson added: “Our commitment of USD 75 million reflects our confidence in the platform’s ability to deliver large-scale renewable energy projects that support the transition to net zero.”
Mulilo said it supports South Africa’s ambition for a cleaner and more resilient energy system under the Integrated Resource Plan 2025.
The company said its strategic investment approach, governance and local expertise position it to lead the country’s energy transformation and deliver energy security from renewables.